Stone Duplex with Central
For Sale
$348,648
2217 15th Street, Lubbock, TX 79401
MULTI_FAMILY - Lubbock, TX
Property Size3,497 SF
Lot Size0.22 Acres
Price / SF$99.70
Days on Market48
Property Features for 2217 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 3, Bathroom 3, Bedroom 2, Bathroom 4, Bathroom 6, Bedroom 4, Bedroom 1, Bedroom 6, Bathroom 1, Bathroom 2, Bathroom 5
Parking features
Driveway
Elementary school district
Lubbock ISD
Middle school district
Lubbock ISD
High school district
Lubbock ISD
Subdivision
1
Standard status
Active
APN
R52124
Size
3,497 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
Overton Blk 75 L 8 & E/2 Of 9
Tax Annual Amount
5211
Legal Description
Overton Blk 75 L 8 & E/2 Of 9
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2010
Building materials
Stone
Roof type
Composition
Listing Agency:
The 32:18 Management Group
(806) 319-1021
Listed By:
Chris Carter · License #0817825
(806) 500-5599
Added: Jul 16
Changed: Aug 14
Last Checked: Sep 1 at 2:06PM
MLS# 202609791
Copyright © 2026 Lubbock Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2010, this duplex contains 3,497 square feet across two residential units. Each side provides three bedrooms and three bathrooms, creating a consistent configuration throughout the property. Stone construction, a composition roof, central heating, and central air conditioning are documented, with driveway parking serving the site.
The property occupies 0.22 acres at 2217 15th Street in Lubbock, TX 79401. Its defined two-unit layout and matching floor plans provide a straightforward residential income property configuration. The offering is part of a larger real estate portfolio and is not available as an individual sale.
The property occupies 0.22 acres at 2217 15th Street in Lubbock, TX 79401. Its defined two-unit layout and matching floor plans provide a straightforward residential income property configuration. The offering is part of a larger real estate portfolio and is not available as an individual sale.
Key Highlights
- Two‑unit duplex with three bedrooms and three bathrooms on each side
- 3,497 square feet on a 0.22‑acre lot
- Built in 2010 with stone construction
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,585
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$631,700
$631.7K
Cap Rate 7%
$451,214
$451.2K
Cap Rate 9%
$350,944
$350.9K
Market Conditions
NOI Build-Up for 3,497 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$48.3K $13.80/SF
− Vacancy
−$3.1K −$0.90/SF
EGI
$45.1K $12.90/SF
− OpEx
−$13.5K −$3.87/SF
NOI
$31.6K $9.03/SF
Area
Lubbock, TX
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$631,700
Cap Rate 7%
$451,214
Cap Rate 9%
$350,944
Alternative Uses
Best Use
Multifamily LT 5
$451.2K
$394.8K – $526.4K
NOI $31,585 @ 7.0% cap · market cap 9.06%
Second Best
Apartment 5plus
$405.1K
$354.5K – $472.7K
NOI $28,360 @ 7.0% cap · market cap 8.13%
Theoretical Best
Office A
$881.6K
$771.4K – $1.03M
NOI $61,712 @ 7.0% cap · market cap 17.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,164
Businesses Nearby
Explore this area
Business Placement
Demographics for 79401, TX
8,775
Population
4,813
Households
1.8
Avg Household Size
26
Median Age
26%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
3,510
Density / Sq Mi
$27,255
Median Household Income
$20,570
Median Earnings
$1,048
Median Rent
$101,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer three-bedroom, three-bath layouts with driveway parking and centrally conditioned interiors.
Where is this duplex located?
The property is located at 2217 15th Street Lubbock, TX.
What is the asking price?
The asking price for this property is $348,648.
What are key features of this property?
This property features: Two‑unit duplex with three bedrooms and three bathrooms on each side; 3,497 square feet on a 0.22‑acre lot; Built in 2010 with stone construction
